Question
In: Finance
Your firm has taken out a $451,000 loan with 8.6% APR (compounded monthly) for some commercial...
Your firm has taken out a $451,000 loan with 8.6% APR (compounded monthly) for some commercial property. As is common in commercial real estate, the loan is a 55-year loan based on a
15-year amortization. This means that your loan payments will be calculated as if you will take 15 years to pay off the loan, but you actually must do so in 55 years. To do this, you will make
59 equal payments based on the 15-year amortization schedule and then make a final 60th payment to pay the remaining balance. (Note: Be careful not to round any intermediate steps less than six decimal places.)
a. What will your monthly payments be?
b. What will your final payment be?
Solutions
jeff jeffy answered 2 months agoRelated Solutions
Your firm has taken out a $ 455, 000 loan with 8.6 % APR (compounded monthly)...
Your firm has taken out a $ 455, 000 loan with 8.6 % APR
(compounded monthly) for some commercial property. As is common in
commercial real estate, the loan is a 5-year loan based on a
15-year amortization. This means that your loan payments will be
calculated as if you will take 15 years to pay off the loan, but
you actually must do so in 5 years. To do this, you will make 59
equal payments based on the...
Your firm has taken out a $549,000 loan with 8.1% apr (compounded monthly) for some commercial...
Your firm has taken out a $549,000 loan with 8.1% apr
(compounded monthly) for some commercial property. as is common in
commercial real estate the loan is a 5 year loan based on 15 year
amortization. this means that your loan payments will be calculated
as if you will take 15 years to pay off the loan, but you actually
must do so in 5 years. to do this you will make 59 equal payments
based on the 15 year...
You have just taken out a $19,000 car loan with a 7% APR,compounded monthly. The...
You have just taken out a $19,000 car loan with a 7% APR,
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the principal of the loan and how much will go toward
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less than six decimal places.)
You have just taken out a $23000 car loan with a 5% APR, compounded monthly. The...
You have just taken out a $23000 car loan with a 5% APR,
compounded monthly. The loan is for five years. When you make your
first payment in one month, how much of the payment will go toward
the principal of the loan and how much will go toward
interest? (Note: Be careful not to round any intermediate steps
less than six decimal places.) When you make your first payment,
$___ will go toward the principal of the loan and...
You have just taken out a $29,000 car loan with a 4% APR, compounded monthly. The...
You have just taken out a $29,000 car loan with a 4% APR,
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first payment in one month, how much of the payment will go toward
the principal of the loan and how much will go toward
interest? (Note: Be careful not to round any intermediate steps
less than six decimal places.)
When you make your first payment, __________ $
will go toward the principal of the loan...
You have just taken out a $22000 car loan with a 7% APR, compounded monthly. The...
You have just taken out a $22000 car loan with a 7% APR,
compounded monthly. The loan is for 5 years.When you first make
your payment in one month, how much of the payment will go toward
the principal of the loan and how much will go towards the
interest.
You have just taken out a $26,000 car loan with a 7 % APR, compounded monthly....
You have just taken out a $26,000 car loan with a 7 % APR,
compounded monthly. The loan is for five years. When you make your
first payment in one month, how much of the payment will go toward
the principal of the loan and how much will go toward
interest? (Note: Be careful not to round any intermediate steps
less than six decimal places.)
When you make your first payment,$__ will go toward the
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You have just taken out a $15,000 car loan with a 6% APR, compounded monthly. The...
You have just taken out a $15,000 car loan with a 6% APR,
compounded monthly. The loan is for five years. When you make your
first payment in one month, how much of the payment will go toward
the principal of the loan and how much will go toward
interest? (Note: Be careful not to round any intermediate steps
less than six decimal places.)
When you make your first payment,$___will go toward the
principal of the loan and $___ will...
You have just taken out a $20,000 car loan with a 6% APR, compounded monthly. The...
You have just taken out a $20,000 car loan with a 6% APR,
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You have just taken out an $18,000 car loan with a 6% APR, compounded monthly. The...
You have just taken out an $18,000 car loan with a 6%
APR, compounded monthly. The loan is for five years. When you make
your first payment in one month, how much of the payment will go
toward the principal of the loan and how much will go toward
interest?
QUESTION
When you make your first payment, $????? will go
toward the principal of the loan and $???? will go toward the
interest
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